Upcoming IPOs In November 2026: Avaada Electro, Mahanadi Coalfields Lead The Lineup

As we transfer into November 2026, the first market has a mixture of big-ticket points and a countdown for just a few firms whose SEBI approvals are about to run out. Earlier this 12 months, SEBI gave a one-time rest to IPO approvals lapsing between April and September. That grace interval ended on 30 September 2026, so approvals expiring in November include no extension. Companies on this place should launch their points earlier than the deadline, or file their Draft Red Herring Prospectus (DRHP) once more and watch for contemporary approval.

Beyond the three approvals working out of time, a number of giant names are reportedly getting ready to open their points in November or early December, together with Avaada Electro, Mahanadi Coalfields, Carlsberg India and AGS Health. Most of those dates are based mostly on media stories and will not be confirmed, and actual value bands and difficulty sizes will probably be identified solely after the ultimate RHP is filed. Here is the detailed breakdown of the IPOs anticipated in November 2026:

Upcoming IPOs in November 2026 | IPO Pipeline for November

Below is the checklist of upcoming IPOs in November 2026:

Steel Infra Solutions

• Approval Lapsing: 11 November 2026
• Issue Size: Fresh Issue of as much as INR 96 crore + OFS of as much as INR 1.42 crore
• Structure: Fresh Issue + Offer for Sale (OFS)

Steel Infra Solutions has the earliest deadline of the month and can also be the smallest difficulty on this checklist. The New Delhi-based firm designs, fabricates and erects structural metal for giant infrastructure initiatives, and runs six manufacturing items throughout India with an put in capability of 1,00,000 metric tonnes (as of 31 March 2025). Its income from operations was INR 636 crore in FY25, up 11% from INR 573.50 crore in FY24. The contemporary difficulty cash is supposed for growth at its Vadodara, Hyderabad and Bhilai items, together with working capital and basic company functions. DAM Capital is the lead supervisor, and the corporate has not introduced a launch date, so it both opens the problem inside days or recordsdata its papers once more.

Silver Consumer Electricals

• Approval Lapsing: 12 November 2026
• Issue Size: INR 1,400 crore (Fresh Issue INR 1,000 crore + OFS INR 400 crore)
• Structure: Fresh Issue + Offer for Sale (OFS)

Silver Consumer Electricals, based mostly in Rajkot, makes pumps, motors, followers, lighting and agricultural tools beneath its personal Silver and Bediya manufacturers, and likewise manufactures for different firms. The DRHP says its income from operations grew at a compound annual price of about 95% between FY23 and FY25. The level to learn rigorously is using cash: INR 865 crore of the INR 1,000 crore contemporary difficulty is supposed to repay or prepay borrowings, and one other INR 35 crore to clear a subsidiary’s debt. So many of the new cash goes towards lowering debt and never towards progress. The lead managers are Motilal Oswal, ICICI Securities, JM Financial and Choice Capital.

Foodlink F&B Holdings

• Approval Lapsing: 28 November 2026
• Issue Size: Fresh Issue of as much as INR 160 crore + OFS of over 1.19 crore shares
• Structure: Fresh Issue + Offer for Sale (OFS)

Foodlink has probably the most time of the three. The Mumbai-based firm runs occasion catering, informal eating eating places, cloud kitchens and banquets, with manufacturers akin to India Bistro and Art of Dum, and manages 30 eating places and cloud kitchens throughout India and the UAE. For the 9 months ended 31 December 2024, the DRHP exhibits income of INR 306.38 crore and a revenue after tax of INR 7.39 crore. The contemporary difficulty is deliberate for 2 central kitchens, 4 new eating places and a few debt reimbursement. Equirus Capital and JM Financial are the lead managers.

Read Also: Upcoming IPO Pipeline

Avaada Electro: Much Awaited Among Upcoming IPOs in November 2026

• Status: Launch reportedly eyed for mid-November (not confirmed)
• Issue Size: INR 7,600 crore (Fresh Issue INR 1,600 crore + OFS INR 6,000 crore)
• Structure: Fresh Issue + Offer for Sale (OFS)

Avaada Electro makes photo voltaic cells and modules and is without doubt one of the largest points within the pipeline. Nearly four-fifths of the problem is a proposal on the market by promoter Avaada Ventures, so many of the cash will go to the vendor and to not the corporate. From the contemporary difficulty, INR 1,200 crore is supposed to repay borrowings and the remainder for basic company functions. The numbers are placing: income from operations rose from INR 911.62 crore in FY25 to INR 5,303.52 crore in FY26, and revenue after tax from INR 173 crore to INR 888.74 crore. At the identical time, group firm Avaada Energy contributed 89% of FY26 income, so the enterprise relies upon closely on a associated get together. Reports recommend a gap round mid-November, however the firm has not confirmed any date.

Mahanadi Coalfields: Shareholder Quota IPO in IPO Pipeline for November

• Status: SEBI approval acquired (reported 5 November 2026)
• Issue Size: Up to 66,18,36,300 shares (about 10% stake); media stories point out as much as USD 1 billion
• Structure: 100% Offer for Sale (OFS)

Mahanadi Coalfields is a Coal India subsidiary, and the whole difficulty is Coal India promoting a part of its holding, so the cash goes to the mother or father and to not Mahanadi. As of 30 June 2026 it ran 17 mines, and in FY26 it produced about 218.31 million tonnes of coal, roughly 22.40% of India’s non-coking coal output in line with a CRISIL report cited within the draft. For the June 2026 quarter, income from operations was INR 8,033.70 crore (in opposition to INR 7,548.30 crore a 12 months earlier) and revenue was INR 2,398.70 crore. Up to 50% of the problem is reserved for institutional traders, 15% for non-institutional and 35% for retail. According to a Bloomberg report, the corporate may launch as early as this month at a valuation of as much as USD 10 billion, however the firm has not confirmed this. SBI Capital Markets, Axis Capital, BOB Capital Markets, IDBI Capital Markets and IIFL Capital are the lead managers.

Carlsberg India

• Status: Updated DRHP (UDRHP) filed on 27 October 2026
• Issue Size: Around INR 6,700 crore (reported); as much as 8.64 crore shares
• Structure: 100% Offer for Sale (OFS)

Carlsberg India won’t obtain any cash from its IPO, as a result of the entire difficulty is a proposal on the market of 8.64 crore shares by promoter entity South Asian Breweries. The firm sells beer together with the Tuborg model, which alone made up 69.91% of product sales within the June 2026 quarter, and it has seven breweries together with contract producers. Revenue was INR 8,708.80 crore in FY26 in opposition to INR 8,906.50 crore in FY25, whereas revenue rose from INR 437.90 crore to INR 534.50 crore. In the June 2026 quarter, income grew to INR 3,013.70 crore from INR 2,547.20 crore, however revenue dipped barely to INR 158.20 crore from INR 164.60 crore. A UDRHP should keep open for public feedback for not less than 21 days, so the ultimate RHP can not come earlier than roughly mid-November, and a late-November or December launch appears to be like extra possible. The firm has additionally acquired an order to shut its Alwar plant, which is a threat to trace. Kotak Mahindra Capital, Citi and JPMorgan are the lead managers.

AGS Health

• Status: UDRHP filed in August 2026
• Issue Size: Up to INR 4,800 crore (Fresh Issue INR 1,800 crore + OFS INR 3,000 crore)
• Structure: Fresh Issue + Offer for Sale (OFS)

AGS Health is a Blackstone-owned firm that handles billing, coding and collections (known as income cycle administration) for US hospitals and well being methods. As of March 2026 it served 82 well being methods and hospitals, together with 11 of the highest 20 US hospitals, so virtually all of its enterprise will depend on the US healthcare market. The OFS of INR 3,000 crore is by a Blackstone entity. Out of the contemporary difficulty, INR 1,600 crore will repay borrowings of its abroad subsidiaries, which is vital as a result of consolidated borrowings stood at INR 4,238.80 crore in March 2026. FY26 consolidated income was INR 2,041.40 crore with a revenue of INR 206.90 crore. A pre-IPO placement of as much as INR 360 crore could cut back the contemporary difficulty. ICICI Securities, Jefferies, JM Financial, J.P. Morgan and Nomura are the lead managers.

Encube Ethicals

• Status: DRHP filed; no SEBI approval present in stories to this point
• Issue Size: Nearly INR 3,000 crore
• Structure: 100% Offer for Sale (OFS)

Encube Ethicals is a Mumbai-based specialty pharma firm that makes lotions, gels and patches (topical and transdermal merchandise) and sells in about 50 nations. Its income from operations was INR 1,848.70 crore in FY26 and revenue was INR 436.70 crore. The complete difficulty is a proposal on the market by promoter Mehul Shah and investor Frontier Investment Holdings, so the corporate won’t obtain the cash. Encuber Ethicals IPO is just not permitted but, however there’s chatter on D-Street that the corporate plans to launch the IPO this month.

Cult.match

• Status: IPO Expected in November or early December (reported); roadshows accomplished
• Issue Size: Fresh Issue of as much as INR 950 crore; whole may attain almost INR 4,000 crore with the OFS (reported)
• Structure: Fresh Issue + Offer for Sale (OFS)

Cult.match runs 708 health centres throughout 77 cities. Its contemporary difficulty cash is deliberate for opening extra centres, paying hire on present ones, repaying debt and model advertising and marketing. The supply on the market is unfold throughout many early traders, together with Temasek, Tata Digital and Accel, and likewise some founders and people, although Eternal is just not promoting. The measurement of the OFS is predicated on stories citing folks accustomed to the plan, so the ultimate quantity could differ. A pre-IPO placement of as much as INR 190 crore may cut back the contemporary difficulty.

Milestone Gears

• Status: Expected in November or early December (reported)
• Issue Size: INR 1,100 crore (Fresh Issue INR 800 crore + OFS INR 300 crore)
• Structure: Fresh Issue + Offer for Sale (OFS)

Milestone Gears makes precision gears and transmission components for tractors, building tools, EVs and different heavy equipment. Between April 2022 and June 2025 it provided greater than 50 prospects, together with the entire prime 9 tractor makers in India, which exhibits a robust hyperlink to the tractor business. From the contemporary difficulty, INR 356.86 crore is for debt reimbursement and INR 296.42 crore for a brand new greenfield plant. A pre-IPO placement of as much as INR 160 crore could cut back the contemporary difficulty. JM Financial, Axis Capital and Motilal Oswal are the lead managers.

Swara Baby Products

• Status: SEBI approval acquired in October 2026; launch date not introduced
• Issue Size: INR 1,000 crore (Fresh Issue INR 500 crore + OFS INR 500 crore)
• Structure: Fresh Issue + Offer for Sale (OFS)

Swara Baby Products makes child diapers, grownup diapers and sanitary pads, largely as a contract producer for different manufacturers, together with its personal Cuddles and Shield manufacturers. Baby diapers made up 79% of FY26 income. Revenue grew 23.4% to INR 1,163.90 crore in FY26 and revenue grew 18.5% to INR 95.60 crore. In the OFS, FirstCry’s mother or father Brainbees Solutions sells INR 300 crore and Anadya Bon Merchari LLP sells INR 200 crore. The contemporary difficulty is deliberate for a brand new plant in Pithampur (INR 198.20 crore), debt reimbursement (INR 100 crore) and subsidiary debt (INR 27.50 crore). JM Financial and Avendus Capital are the lead managers.

Atomberg

• Status: SEBI approval acquired; launch date not introduced
• Issue Size: Fresh Issue of as much as INR 450 crore + OFS of seven,65,42,051 shares
• Structure: Fresh Issue + Offer for Sale (OFS)

Atomberg makes energy-saving ceiling followers, mixer grinders and water purifiers, and sells by means of about 626 distributors and direct sellers and 46,932 stores, whereas on-line channels result in 36% of its equipment income. Revenue from operations was INR 1,293.77 crore in FY26, however the firm remains to be making a loss. The contemporary difficulty is deliberate for model and efficiency advertising and marketing (INR 150 crore), R&D (INR 100 crore) and debt reimbursement (INR 90 crore). Selling traders embody A91 Emerging Fund, Temasek’s V-Sciences and Steadview. ICICI Securities, Avendus and IIFL Capital are the bankers to the problem.

Disclaimer: This article is for informational functions solely. The data on upcoming IPOs in November 2026 is predicated on DRHP filings, regulatory deadlines, and media stories as of 5 November 2026. Issue sizes are approximate and dates can change. This is just not funding recommendation.

Anurag Gupta tracks the first market every single day: SEBI filings and approvals, anchor books, dealer suggestions and grey-market quotes. He turns that newsflow into IPO Central’s GMP updates and IPO information protection. He studied engineering (B.E.) and has adopted the marketplace for seven years.